ABCD KPMG Hungária Kft. Váci út 99. H-1139 Budapest Hungary

ABCD KPMG Hungária Kft. Váci út 99. H-1139 Budapest Hungary Tel.: Fax: E-mail: Internet: +36 (1) 887 71 00 +36 (1) 887 71 01 [email protected] kpmg.hu T...
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ABCD KPMG Hungária Kft. Váci út 99. H-1139 Budapest Hungary

Tel.: Fax: E-mail: Internet:

+36 (1) 887 71 00 +36 (1) 887 71 01 [email protected] kpmg.hu

This is an English translation of the Independent Auditor’s Report on the 2009 statutory Annual Report of Deutsche Bank Zrt. issued in Hungarian. If there are any differences, the Hungarian language original prevails. This report should be read in conjunction with the complete statutory Annual Report it refers to.

Independent Auditor’s Report To the shareholder of Deutsche Bank Zrt. We have audited the accompanying 2009 annual report of Deutsche Bank Zrt. (hereinafter referred to as “the Company”), which comprises the balance sheet as at 31 December 2009, which shows total assets of THUF 77,361,785 and retained profit for the year of THUF 0, and the income statement for the year then ended, and the supplementary notes. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the annual report in accordance with the provisions of the Act on Accounting and accounting principles generally accepted in Hungary. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on the annual report based on the audit and to assess whether the business report is consistent with the annual report. We conducted our audit in accordance with the Hungarian National Standards on Auditing and applicable laws and regulations in Hungary. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Our work with respect to the business report was limited to the assessment of the consistency of the business report with the annual report, and did not include a review of any information other than that drawn from the audited accounting records of the Company. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion We have audited the annual report of Deutsche Bank Zrt., its components and elements and their accounting and documentary support in accordance with Hungarian National Standards on Auditing and gained sufficient and appropriate evidence that the annual report has been prepared in accordance with the provisions of the Act on Accounting and accounting principles generally accepted in Hungary. In our opinion, the annual report gives a true and fair view of the financial position of Deutsche Bank Zrt. as of 31 December 2009, and of its financial performance and of the result of its operations for the year then ended. The business report is consistent with the disclosures in the annual report. Budapest, 21 May 2010 KPMG Hungária Kft. Chamber registration number: 000202 Kajtár László Kajtár László Partner, Registered Auditor Identification number: 000269

KPMG Hungária Kft., a Hungarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. Company registration: Budapest, Fővárosi Bíróság, no: 01-09-063183

DEUTSCHE BANK ZRt. Financials according to Hungarian GAAP 2009

ASSETS in THUF Description of items 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68

1. Liquid Assets 2. Government Securities a) for trading purposes b) for investment purpuses 2/A.Valuation difference on government securities 3. Receivables from financial institutions a) at sight b) other receivables from financial services ba) maturing within one year thereof from mother and daughter companies from other affiliated companies from the Hungarian National Bank from clearing houses bb) maturing over one year thereof from mother and daughter companies from other affiliated companies from the Hungarian National Bank from clearing houses c) from investment services thereof: from mother and daughter companies from other affiliated companies from clearing houses 3/A.Valuation difference on loans and advances to credit institutions 4. Receivables from clients a) from financial services aa) maturing within one year thereof: from mother and daughter companies from other affiliated companies ab) maturing over one year thereof: from mother and daughter companies from other affiliated companies b) from investment services thereof: from mother and daughter companies from other affiliated companies ba) receivables due to stock exchange investment services bb) receivables due to investment services other than stock exchange bc) receivables from customers due to investment services bd) receivables from clearing house be) other receivables form investment services 4/A.Valuation difference on loans and advances to customers 5. Securities embodying credit relationship, incl. securities with fixed interest a) issued by local municipality aa) for trading purposes ab) for investment purposes b) issued by other issuers ba) for trading purposes thereof: issued by mother and daughter companies issued by other affiliated companies own shares bb) for investment purposes thereof: issued by mother and daughter companies issued by other affiliated companies 5/A.Valuation difference on debt securities 6. Shares and other securities with variable yield a) shares for trading purposes thereof: issued by mother and daughter companies issued by other affiliated companies b) securities with variable yield ba) for trading purposes bb) for investment purposes 6/A.Valuation difference on shares and other variable-yield securities 7. Shares for investment purposes a) shares for investment purposes thereof: shares in financial instituts b) provisions for shares for investment purposes thereof: shares in financial instituts 7/A.Valuation difference on shares and participations in corporations held as financial fixed 8. Shares in mother and daughter companies

Previous Year 2.448.664 43.946.800 43.946.800 0 342.550 104.236.226 1.171.195 103.065.031 103.059.031 57.282.065

Actual Year 2.433.820 43.673.519 43.673.519 0 -11.316 24.212.460 4.562.626 19.649.834 19.639.934 16.100.105

43.400.000

0 125.000 9.900 9.900 0 0 0 0 0 0 0 0 3.633.286 3.633.244 3.500.549 71.375 0 132.695 0 0 42 0 0 0 0 42 0 0 0 29.426 0 0 0 29.426 29.426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20.000 20.000 0 0 0 0 482.280

6.000 6.000 0 0 0 0 0 0 0 0 3.676.106 3.621.932 2.192.219 55.304 0 1.429.713 0 0 54.174 0 0 0 53.774 400 0 0 0 38.698 0 0 0 38.698 38.698 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20.000 20.000 0 0 0 0 803.801

69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104

a) shares for investment purposes thereof: shares in financial instituts b) provisions for shares for investment purposes thereof: shares in financial instituts 9. Intangible assets a) intangible assets b) value adjustment of intangible assets 10. Fixed Assets a) fixed assets of banking services aa) land and buildings ab) equipment, machinery, vehicles ac) assets under construction ad) advance payments on assets under constructions b) fixed assets not directly belonginmg to banking services ba) land and buildings bb) equipment, machinery, vehicles bc) assets under constructions bd) advance payments on assets under constructions c) value adjustment of fixed assets 11. Own shares 12. Other Assets a) stocks b) other receivables thereof: from mother and daughter companies from other affiliated companies 12/A.Valuation difference on other receivables 12/B.Positive valuation difference on derivatives 13. Accruals a) accrued incomes b) accrued expenses c) defferred expenses Total Assets thereof: CURRENT ASSETS [1+2.a)+3.c)+3.a)+3.ba)+4.aa)+4.b)+5.aa)+5.ba)+6.a)+6.ba)+11+12] INVESTED ASSETS (2.b)+3.bb)+4.ab)+5.ab)+5.bb)+6.bb)+7+8+9+10]

803.801 0 0 0 23.479 23.479 0 108.868 108.868 0 106.480 2.388 0 0 0 0 0 0 0 0 247.135 0 247.135 0 0 0 6.441.034 1.497.615 1.462.169 35.446 0 163.830.976 159.941.500

482.280 0 0 0 17.078 17.078 0 100.210 100.210 176 98.434 1.600 0 0 0 0 0 0 0 0 495.203 0 495.203 40.328 0 0 658.832 1.616.987 1.543.259 73.728 0 77.361.785 74.982.635

2.391.861

762.163

DEUTSCHE BANK ZRt. Financials according to Hungarian GAAP 2009

LIABILITIES Description of items

105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169

Previous Year 68.183.738 1. Liabilities to financial institutions 22.030.165 a) at sight 46.153.573 b) liabilities from financial services binded to a certain period 46.153.573 ba) maturing within one year thereof to mother and daughter companies 0 to other affiliated companies 0 to the Hungarian National Bank 0 to clearing houses 0 bb) maturing over one year 0 thereof to mother and daughter companies 0 to other affiliated companies 0 to the Hungarian National Bank 0 to clearing houses 0 0 c) from investment services thereof to mother and daughter companies 0 0 to other affiliated companies to clearing houses 0 0 1/A.Valuation difference on amounts owed to credit institutions 74.298.160 2. Liabilities to clients 0 a) saving deposits 0 aa) at sight 0 ab) maturing within one year 0 ac) maturing over one year 74.237.563 b) other liabilities due to financial services 41.508.613 ba) at sight thereof to mother and daughter companies 37.995 to other affiliated companies 0 32.722.949 bb) maturing within one year thereof to mother and daughter companies 26.560.333 to other affiliated companies 0 6.000 bc) maturing over one year thereof to mother and daughter companies 0 to other affiliated companies 0 60.597 c) from investment services thereof to mother and daughter companies 0 0 to other affiliated companies 0 ca) liabilities due to stock exchange investment service cb) liabilities due to investment services other than stoc 0 cc) liabilities to customers due to investment services 60.597 cd) liabilities to clearing house 0 0 ce) other liabilities due to investment services 0 2/A.Valuation difference on amounts owed to customers 0 3. Liabilities due to issued securities 0 a) issued bonds 0 aa) maturing within one year thereof to mother and daughter companies 0 to other affiliated companies 0 0 ab) maturing over one year thereof to mother and daughter companies 0 to other affiliated companies 0 0 b) issued other debt securities 0 ba) maturing within one year thereof to mother and daughter companies 0 to other affiliated companies 0 0 bb) maturing over one year thereof to mother and daughter companies 0 to other affiliated companies 0 c) debt documents treated as securities in accountancy, which are according to Act CXI of 1996 no securities ca) maturing within one year thereof to mother and daughter companies to other affiliated companies cb) maturing over one year thereof to mother and daughter companies to other affiliated companies 4. Other liabilities

in THUF Actual Year 20.338.294 7.066.413 13.271.881 13.271.881 5.290.359 0 0 0 0 0 0 0 0 0 0 0 0 0 39.745.676 0 0 0 0 39.301.948 31.388.159 741.588 0 7.903.889 563.545 0 9.900 0 0 443.728 0 0 0 0 443.728 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0

0

0 0 0 0 0 0 2.557.089

0 0 0 0 0 0 3.387.185

170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212

a) maturing within one year thereof to mother and daughter companies to other affiliated companies other financial contribution of members to financial instituts in cooperative form b) maturing over one year thereof to mother and daughter companies to other affiliated companies 4/A.Negative valuation difference on derivatives 5. Accruals a) accrued income b) accrued expenses c) deffered income 6. Provisions a) provisions for retire pension and severance pay b) provisions for contingent and future liabilities c) general loan loss provision d) other provisions 7. Subordinated liabilities a) subordinated loan thereof to mother and daughter companies to other affiliated companies b) other financial contribution of members to financial instituts in cooperative form c) other subordinated liabilities thereof to mother and daughter companies to other affiliated companies 8. Share capital thereof: repurchased own shares on nominal value 9. Subscribed but unpaid (-) 10. Capital reserves a) share premium b) other 11. General reserve 12. Accumulated profit reserve (±) 13. Tied-up reserve 14. Valuation reserve 15. Profit per profit and loss statement (±) Total Liabilities thereof: SHORT TERM LIABILITIES [1.a)+1.ba)+1.c)+2.aa)+2.ab)+2.ba)+2.bb)+2.c)+3.aa)+3.ba)+3.c LONG TERM LIABILITIES [1.bb)+2.ac)+2.bc)+3.ab)+3.bb)+3.cb)+4.b)+7] SHAREHOLDER'S EQUITY (8-9+10+11+12+13+14+15)

Off balance sheet items

2.557.089 2.457.534 0

3.387.185 3.280.949 0

0 0 0 0 6.314.673 603.271 0 603.271 0 294.475 0 0 294.475 0 0 0 0 0

0 0 0 0 543.490 1.473.095 0 1.473.095 0 294.475 0 0 294.475 0 0 0 0 0

0 0 0 0 8.110.000 0 0 136.433 3.000 133.433 832.721 2.500.416 0 0 0 163.830.976 151.347.659

0 0 0 0 8.110.000 0 0 136.433 3.000 133.433 832.721 2.500.416 0 0 0 77.361.785 64.004.745

6.000

9.900

11.579.570

11.579.570

Previous Year

Actual Year

Description of items 213 214 215 216

Contingent liabilities Future liabilites Off balance sheet receivables controll number

121.350.007 287.594.404 377.836.970 786.781.381

33.887.207 160.115.978 160.432.344 354.435.529

DEUTSCHE BANK ZRt. Financials according to Hungarian GAAP 2009

PROFIT & LOSS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64

Description of items 1. Interest revenues a) interest income on debt securities with fixed interest thereof: from mother and daughter companies from other affiliated companies b) other interest income thereof: from mother and daughter companies from other affiliated companies 2. Interest expenses thereof: from mother and daughter companies from other affiliated companies Interest difference [1-2] 3. Income from securities a) income from securities for investment purposes (dividends) b) icome from shares in mother and daughter companies (dividends) c) income from other shares (dividends) 4. Income from charges and fees a) from the income of other financial services thereof: from mother and daughter companies from other affiliated companies b) from the income of investment services (except income from trading services) thereof: from mother and daughter companies from other affiliated companies 5. Expenses for charges and fees a) from expenses of other financial services thereof: to mother and daughter companies to other affiliated companies b) from expenses of investment services (except expenses of trading services) thereof: to mother and daughter companies to other affiliated companies 6. Net result of financial transactions [6.a)-6.b)+6.c)-6.d)] a) from the income of other financial services thereof: from mother and daughter companies from other affiliated companies b) from expenses of other financial services thereof: to mother and daughter companies to other affiliated companies c) from the income of investment services (income from trading services) thereof: from mother and daughter companies from other affiliated companies release of provision for securities for trading purposes d) from expenses of investment services (expenses of trading services) thereof: to mother and daughter companies to other affiliated companies provision for securities for trading purposes 7. Other income from business activities a) income from non financial and investment services thereof: from mother and daughter companies from other affiliated companies b) other income thereof: from mother and daughter companies from other affiliated companies release of value adjustment for stocks 8. General administration costs a) Expenses of personal character aa) wages ab) other costs of personal character thereof: social security costs in connection with retire pension ac) affix to wages thereof: social security costs in connection with retire pension b) other costs of material character 9. Depreciation 10. Other expenses of business activity

Previous Year Actual Year 15.200.106 12.873.991 4.109.638 6.348.843 0 0 0 0 11.090.468 6.525.148 8.682.726 1.666.513 0 0 11.756.680 9.571.433 7.372.810 1.714.958 0 0 3.443.426 3.302.558 13.900 16.920 0 0 0 0 13.900 16.920 1.439.664 1.503.462 1.023.680 1.032.271 260.233 262.025 0 0 415.975 471.191 189.012 136.760 0 0 365.331 337.389 359.935 334.964 25.947 0 0 0 5.396 2.425 0 0 0 0 1.279.883 2.768.881 693.643 910.729 0 0 0 0 24.252 44.444 0 0 0 0 1.346.793 2.249.829 35.288 1.101.738

736.301 176.487

347.233 6.813

29.464 0

397.320 0

29.464

397.320 84.882

2.237.673 1.095.296 750.226 87.075 3.154 0 257.995 34.117 145.139 1.142.377 48.187 172.531

2.736.014 1.372.576 991.021 65.014 1.140 0 316.541 30.453 141.025 1.363.438 49.041 483.068

65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95

a) expenses of non financial and investment services thereof: to mother and daughter companies to other affiliated companies b) other expenses thereof: to mother and daughter companies to other affiliated companies value adjustment of stocks 11. Provisions for claims and contingent and future liabilities a) provisions for claims b) provisions for contingent and future liabilities 12. Release of provisions for claims and contingent and furture liabilities a) release of provisions for claims b) release of provisions for contingent and future liabilities 13. Provisions for shares for investment purposes, debt securities, shares in mother and daughter and other affiliated companies 14. Release of provisions for shares for investment purposes, debt securities, shares in mother and daughter and other affiliated companies 15. Profit on ordinary business thereof: PROFIT ON FINANCIAL AND INVESTMENT SERVICES [1-2+3+4-5+6+7.b)-8-9-10.b)-11+12-13+14] PROFIT ON NON FINANCIAL AND INVESTMENT SERVICES [7.a)-10.a)] 16. Extraordinary income 17. Extraordinary expenses 18. Profit on extraordinary events [16-17] 19. Pretax profit [15+18] 20. Tax liability 21. Tax liability 22. Net profit [19-20] 23. Transfer to general reserve (+/-) 24. Dividend paid out of accumulated profit reserve 25. Dividend paid thereof: to mother and daughter companies to other affiliated companies 26. Net profit per balance sheet [21+22+23-24]

0 0 0 172.531 0 0 0 0 0 0 0 0 0

0 0 0 483.068 0 0 0 0 0 0 0 0 0

0

321.520

0 3.382.615 3.382.615

0 4.062.109 4.062.109

0

0

0 0 0 3.382.615 517.251 134.771 2.730.593 -273.059 0 2.457.534 2.457.534 0 0

0 0 0 4.062.109 619.330 161.830 3.280.949 0 0 3.280.949 3.280.949 0 0

BUSINESS REPORT In the business year 2009 Deutsche Bank ZRt. preserved its stable financial standing and profitability. The most important elements of the business strategy are as follows: 1. effective cost management, cost decrease in the year 2009 2. effective credit risk management, impairment of value was not booked in 2009 3. strict capital need management by reducing the adjusted principal amount of the balance sheet and by maintaining an almost 44% capital adequacy index, 4. in decision making, the use of a transparent management information system and an accounting standard based on market evaluation and internal service provision. Profitability on bank level in the year 2009 can be characterised by a RoE index of 35% computed as the quotient of the profit from ordinary activities and the equity as of 31.12.2009. The solvency index of the Bank is 43,7%. Of the investment services, the trade in derivatives, the distribution of primary and secondary government securities and the depositary service for securities continued to stand out in terms of volume and profitability alike. The stock of loans remained at a low level, in harmony with the Bank’s efforts. The small share of loans within the principal amount of the balance sheet reflects not the decrease in the loan providing activity but the concentration on the DB group level of risk undertaking with the designated subsidiary banks and also the headway of consortial loan providing and the corporate bond organising activities. As a result of the more conservative credit risk undertaking, the loan portfolio belongs almost completely in the problem-free category. In agreement with its auditor, the Bank has not found it necessary to book impairment on its receivables from clients. All product groups within the trading area showed stable performance. The increase in sales opportunities toward corporate accounts and the preservation of the cost level had favourable impact on the profitability of this area. The depositary activity and the financial services provided for financial institutions are closely connected, with a favourable cost background and an outstanding volume. Our bank has become the 3rd largest depositary in the Hungarian market. In the field of account holding and monetary circulation, the decreasing interest level (with strong competition in the market) has advanced the importance of product innovations (e.g. formation of cash pool structures) in order that the increasing revenues from commissions be able to compensate for the impact of decreasing profit on interest. The development of the business area has continued to be hindered by the requirement for meeting the expectations concerning the principal amount of the balance sheet and profitability. It is to be stressed that the results of the Bank have been achieved in increasing competition. It is also to be mentioned that the strict risk policy within the group slowed down or prevented in several cases the tapping of some outstanding business opportunities. In order to select the product segment successfully, the Bank has consciously laid great emphasis on establishing and operating such a controlling infrastructure as makes it possible to present the profitability of products and market risks transparently and to establish decentralised spheres of responsibility. This approach has constituted one of the main

factors of business results, as it has increased the Bank’s income generating capability with a decrease in risk undertaking and capital needs. In addition to substantially limiting the undertaking of market and crediting risks, the Bank has devoted great care to explore and, if possible, reduce other banking risks (accounting, handling, legal risks) and to establish the requisites for prudent bank operations. The increase in the complexity of banking operations, the expectations of the supervising authority, and the ongoing changes in the external and internal regulatory environment require permanent adaptation from the bank, thus the strategic objectives of the Bank include the ongoing training of the employees, the promotion of a direct exchange of experience and flow of information within the Deutsche Bank group. The Bank has evaluated the financial standing and the expected changes in the equity of its subsidiary company: HORKA Kft. HORKA Kft’s share capital was 158.570,-th HUF at the year end 2009 which investment . The assets of the Horka Kft. consist mostly of the building property that serves the operations of Deutsche Bank ZRt. in the long run. The Bank Management expresses hereby its thanks for the continued trust of its clients and for the diligence and dedication demonstrated by the Bank’s employees during the year. Budapest, May 21, 2009 Zoltán Kurali CEO

Ferenc Juhász Managing Director

General Information 1. General Information: Deutsche Bank ZRt. („the Bank”) is a fully owned subsidiary of Deutsche Bank AG (Frankfurt am Main, Taunusanlage 12.). The Bank was registered by the Budapest Court as the Court of Registration on February 28th 1996 under No. 01-10-042922. Main data of the Bank: 

name: Deutsche Bank Zártkörűen Működő Részvénytársaság (with effect from 16th January 2006)



short name: Deutsche Bank ZRt. (with effect from 16th January 2006)



registered office: Hold u. 27., 1054 Budapest, Hungary



date of the articles of association: 6th September, 1995



start of activity: 12th February, 1996



scope of activities: (with effect from 20th May, 1998): 64.19

Other monetary activities

64.91

Finance leasing

66.19

Other financial activities not listed elsewhere

67.12

Securities agent activities

67.13

Other supplementary financial activities



share capital: HUF 8,110,000,000. All of the subscribed capital was paid in cash and constituted by 811 shares with a face value of HUF 10,000,000.



Board of directors: Zoltán Kurali, executive member, chairman Katalin Bóta, executive member Ferenc Juhász, executive member



average number of staff: 64



Auditor: KPMG Hungária Kft.

Deutsche Bank ZRt. CASH FLOW 12.31.2009 in th HUF Interest revenues Income of other financial services Other income from business activities (excluding release of provisions) Income of investment services(excluding release of provision made on securities) Income from non financial and investment services Dividnd income Extraordinary income Interest expenses Expenses of other financial services Other expenses of business activity (excluding provisions) Expenses of investment services (exculding provisions on securities) expenses of non financial and investment services General Administration Costs Extraordinary expenses (excluding corporate tax liabilities of the business year) Corporate tax liability Special tax liability Dividend paid Net cash-flow on operating activities Change in liabilities Change in recivables (excluding loss in value) Change in inventories Change in trading investments Change in financial investments Change in investments (including payments in advance) Change in intangible assests Change in gross value of tangible assets (excluding investments and payments in advance) Change in prepaid assets Change in deferred assets Shares issuance at issue price Received funds Transferred funds Face value of own shares Thereof: Change in Cash (HUF and Ccy) Change in nostro accounts

Budapest, 29th of May 2009

Actual Year 12.873 1.943

Previous Year 15.200 1.842

397

29

2.732 0 17 0 -9.571 -379

1.575 0 14 0 -11.757 -384

-492

-188

-379 0 -2.736

-680 0 -2.238

0 -619 -161 -3.280 372 -81.567 79.818 0 636 0

0 -517 -135 -2.458 303 14.935 23.697 0 -40.371 0

0 -6

0 -9

-18 -119 869 0 0 0 0 -14

-31 -297 -727 0 0 0 0 -2.502

43 -58

31 2.532